NSW energy customers could save hundreds of dollars off their electricity and gas bills even after most retailers recently increased electricity prices by up to 20% or more.

An analysis by the Australian Energy Regulator (AER), found the value of switching to a different electricity plan or retailer can be around $1,400 in Sydney since the 1 July price rises.

In regional NSW, the AER analysis found that a four-person household in Wollongong could also save around $1,400 in a year if they switched from the most expensive electricity offer to the cheapest. Similar savings can be made by customers across the state.

“Energy is a significant cost for many households and small businesses and chances are if you haven’t switched energy providers in some time, or if you are still on a standing offer, you are paying more for electricity or gas than you need to,” AER Chair Paula Conboy said.

“Since the 1 July 2017 price rises, customers in Sydney could save $1,400 if switching from the most expensive electricity offer currently available to the cheapest.”